Alpha 9, Engage Tech Raise Funds for Cancer Therapeutics, Improved Patient Journey
Alpha-9 Theranostics announced the closing of an $11 million Series A financing today, one of two companies in the biotherapeutic space to do so in the past 48 hours. Longitude Capital led the Series A financing round for Alpha-9 Theranostics in conjunction with BVF Partners L.P. and insiders.
As a clinical-stage radiopharmaceutical company, Alpha-9 Theranostics develops imaging and therapeutic molecules for the treatment of solid and hematologic cancers. The company, founded in 2019 by researchers from the BC Cancer and the University of British Columbia, relies on a blend of proprietary technology and scientific expertise to drive its portfolio of breakthrough therapies.
Alpha9 Theranostics is currently in the process of developing a breakthrough designed to enhance positron emission tomography imaging. Additionally, the company says it is working to identify and develop a novel prostate cancer treatment that should feature safety advantages over currently available first-generation therapeutics.
"These high-quality investors share our conviction in the promise of radiotherapeutics and diagnostics,” said David Hirsch, MD, Ph.D. of Longitude Capital, in a statement about the Series A financing round. "Alpha9 is an exciting company, founded by leaders in the field, with a growing portfolio of novel assets. We believe that radiotherapeutics have the potential to deliver on the promise of precision oncology and we look forward to working with the Alpha-9 team to advance multiple programs into clinical trials.”
Yesterday, Engage Technologies also announced it had raised money in a Series A round, funding that came in at a tune of $15 million. The new financing reportedly should complement the company’s initial $5 million seed round. The majority of the company’s Series A investors were individual healthcare providers and professionals, including those from USC-Keck School of Medicine, Novus Clinic and McRae Dental.
"In my 40 plus years raising capital, launching emerging technologies, and operating business divisions at Apple, VeriFone, and HP, I have never interacted with such a passionately committed group of investors," said Executive Vice President and Chief Operating Officer of Engage Technologies Group, C. Lloyd Mahaffey, in a statement. "The uniqueness here is the simple fact that 99% of our investors are Engage customers who believe so passionately in the positive impact our mobile-infused storytelling is having day in and day out with each and every one of their patients."
According to a statement on the Series A, Engage said it would use the new funding to move into new markets and develop video content aligning with a patient journey, including content documenting the duration from diagnosis to recovery. The company utilizes proprietary mobile intelligence technology to create short-form, 90-second video content that educates both the patient and the end customer.
"Today's funding announcement is a significant milestone for the company," commented Chief Executive Officer and Founder of Engage, Michael Boerner. "Our breakthrough in mobile intelligence storytelling, coupled with the recent capital milestone, enables us to further equip providers with a solution they have always wanted for their patients; a just-in-time, friction free, anxiety-relieving, journey describing, 'yellow brick road' to seamlessly follow. We can finally help physicians, surgeons and their clinical teams streamline and measure every step across the patient care continuum, without portals, apps, email and logins. Simple is finally possible."